Commodity | Sugar stockpiles: no curbs for 1 more week

Mumbai/New Delhi: India, the world’s biggest sugar consumer, delayed by one week the imposition of limits on the quantity of the sweetener that bulk users of the commodity can hold, the food ministry said. The curbs will now be effective 19 September for a period of six months, the ministry said.

Separately, the Indian Sugar Mills Association said the country has enough supplies to meet rising demand for the sweetener during the festival season over the next two months.

—Bloomberg

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Gold imports drop in 7 months to July

Mumbai: Gold imports by India, the world’s biggest buyer, plunged 29% in the seven months ended July as rising prices cooled jewellery demand, the World Gold Council said on Wednesday.

Purchases fell to 220.4 tonnes in the period, compared with 309 tonnes a year earlier, Ajay Mitra, managing director of the council said in a telephone interview in Mumbai.

That’s more than twice the 85.6 tonnes estimated by the Bombay Bullion Association Ltd, an industry group.

—Bloomberg

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Cement firms report 17% rise in sales to 15.44mt

New Delhi: Grasim Industries Ltd, India Cements Ltd and other producers of the building material in the country sold a combined 15.44 million tonnes (mt) last month, 17% more than a year earlier.

Production in August was 15.52 mt, up from 13.18mt a year ago, according to the Cement Manufacturers’ Association website.